Adherex Technologies (NASDAQ:FENC) Major Shareholder Southpoint Capital Advisors Lp Sells 19,605 Shares

Key Points

• Southpoint Capital Advisors Lp, a major shareholder of Adherex Technologies, sold a total of 66,124 shares across multiple transactions, reducing their ownership by 0.48%.
• Adherex Technologies stock recently traded up 1.2% to $9.33, with a market capital of $260.40 million and a P/E ratio of -22.21.
• Analysts have mixed ratings on Adherex Technologies, with a consensus rating of "Moderate Buy" and a price target of $13.33, while the company reported a quarterly loss of ($0.11) EPS.

Adherex Technologies Inc. (NASDAQ:FENC - Get Free Report) major shareholder Southpoint Capital Advisors Lp sold 19,605 shares of the company's stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $9.47, for a total value of $185,659.35. Following the completion of the sale, the insider owned 4,030,709 shares in the company, valued at $38,170,814.23. The trade was a 0.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.

Southpoint Capital Advisors Lp also recently made the following trade(s):

• On Thursday, October 9th, Southpoint Capital Advisors Lp sold 20,609 shares of Adherex Technologies stock. The shares were sold at an average price of $9.35, for a total value of $192,694.15.
• On Tuesday, October 7th, Southpoint Capital Advisors Lp sold 26,900 shares of Adherex Technologies stock. The shares were sold at an average price of $9.59, for a total value of $257,971.00.

Adherex Technologies Stock Up 1.2%

FENC stock traded up $0.11 during trading on Thursday, reaching $9.33. The company's stock had a trading volume of 67,251 shares, compared to its average volume of 77,973. Adherex Technologies Inc. has a 1 year low of $3.96 and a 1 year high of $9.92. The company has a market capitalization of $260.40 million, a P/E ratio of -22.21 and a beta of 0.64. The company's fifty day moving average is $8.77 and its 200-day moving average is $7.74.

Adherex Technologies (NASDAQ:FENC - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.05). The company had revenue of $9.76 million during the quarter, compared to the consensus estimate of $9.52 million. Analysts anticipate that Adherex Technologies Inc. will post -0.11 earnings per share for the current year.

Analyst Upgrades and Downgrades

FENC has been the topic of a number of research analyst reports. HC Wainwright reissued a "buy" rating and set a $13.00 price objective on shares of Adherex Technologies in a report on Thursday, August 21st. Wall Street Zen raised shares of Adherex Technologies from a "hold" rating to a "buy" rating in a report on Friday, October 3rd. Craig Hallum boosted their price objective on shares of Adherex Technologies from $13.00 to $14.00 and gave the company a "buy" rating in a report on Friday, August 15th. Zacks Research cut shares of Adherex Technologies from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 15th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Adherex Technologies in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $13.33.

Institutional Trading of Adherex Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of America Corp DE boosted its position in shares of Adherex Technologies by 32.1% during the 4th quarter. Bank of America Corp DE now owns 35,827 shares of the company's stock worth $226,000 after purchasing an additional 8,703 shares during the period. AQR Capital Management LLC purchased a new position in Adherex Technologies in the 1st quarter valued at approximately $66,000. Jane Street Group LLC purchased a new stake in shares of Adherex Technologies during the 1st quarter worth $90,000. Nuveen LLC acquired a new stake in Adherex Technologies during the 1st quarter worth $158,000. Finally, AIGH Capital Management LLC acquired a new stake in Adherex Technologies during the 1st quarter worth $2,199,000. Institutional investors and hedge funds own 55.51% of the company's stock.

Adherex Technologies Company Profile

Fennec Pharmaceuticals Inc, a biopharmaceutical company, develops product candidates for use in the treatment of cancer in the United States. Its lead product candidate is the Sodium Thiosulfate, which has completed the Phase III clinical trial for the prevention of cisplatin induced hearing loss or ototoxicity in children.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.